Navy, LRA Reach Deal over NAS South Weymouth Tract
- August 1, 2011
The LRA for the former South Weymouth Naval Air Station and the Navy reached an agreement over the transfer of 800 acres in a deal that incorporates an upfront payment along with a share of land sales.
The South Shore Tri-Town Development Corp. would pay the Navy $2 million initially, $10 million over a period of 10 years and 5 percent of real estate sales, reported the Boston Globe. The revenue-sharing component is estimated to yield about $13 million for the Navy. The deal is contingent on the Navy’s plans to complete the base’s environmental cleanup, according to the story.
The agreement takes advantage of language Congress included in the fiscal 2010 defense authorization bill to provide DOD more flexibility when negotiating economic development conveyances with communities.
Planned development at the base, renamed SouthField, calls for a mix of residences, retail and commercial space, a recreation complex, a movie studio and green space. “This is a very positive development for SouthField, the South Shore, and the state of Massachusetts,” Kevin Chase, regional vice president for LNR Property Corp., said in a written statement.